[ad_1]
The central bank of Singapore has issued guidelines to stop the public from trading cryptocurrencies. The central bank stressed that “cryptocurrency transactions are high-risk and not suitable for the general public.”
Central Bank of Singapore Discourages Public Crypto Transactions
The Monetary Authority of Singapore (MAS), Singapore’s central bank, announced on Monday that it has issued guidelines “to stop cryptocurrency transactions” [the] public. “
The guidelines restrict cryptocurrency exchange service providers from promoting their digital payment token (DPT) services to the public. MAS clarified that DPT is often referred to as a cryptocurrency.
The central bank explained that companies should not market or advertise crypto services in public spaces in Singapore, or use third parties such as social media influencers to promote crypto services to the public.
Companies may only market or advertise crypto services on their own company websites, mobile apps or official social media accounts.
Loo Siew Yee, MAS’s assistant managing director for policy, payments and financial crime, noted that the central bank “strongly encourages the development of blockchain technology and innovative applications of crypto tokens in value-added use cases”. However, she emphasized:
But cryptocurrency trading is risky and not suitable for the general public. As such, DPT service providers should not describe DPT transactions in a manner that dismisses the high risks of DPT transactions, nor should they engage in marketing activities aimed at the general public.
MAS stressed that crypto service providers “should act with the understanding that DPT transactions are not suitable for the public.”
Singapore’s central bank has repeatedly warned that cryptocurrency trading is “highly risky and not suitable for the public” given how the prices of these tokens are subject to violent speculative volatility.
about 170 companies application Provides crypto services in Singapore. However, more than 100 of them had their applications rejected or withdrawn.
What do you think of Singapore’s central bank restricting cryptocurrency advertising to discourage the public from investing in cryptocurrencies? Let us know in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for reference only. It is not a direct offer or invitation to offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused or related to the use of or reliance on any content, goods or services mentioned herein.
[ad_2]
Source link
